/LG 1,000 (2005.5) 43.5% , 22.6% , 28.3% KDI 1,023 (2006.1) 21.3% , 29.8% , 48.2%

? ? ? ? ? ?

, ,

M&A ,

OECD

OECD , WTO , OECD OECD , ,

,

(Hedge Fund) (Private Equity Fund) (Limited Partnership) (Private Offering)

, , , (Alternative Investment) , , , ,

.

(Buyout Fund)(Corporate GovernanceFund)(Vulture Fund)(Venture Capital) 11( ) , IPO

2003 8,200 1990 40 2% 5 5-7% ,

200120001999199819971995 6.1 8.1 39.5 6.015.618.0 %: Van Hedge Fund Advisors International LLC20032002 17.6 0.2

2002 1 2,000 1997 2,000 (26%), (16%), (14%), Fund of Fund(13%) IT (2000 28% 2002 63%)

BIS

(Swensen 2000) 1987-1998 Kaplan and Schoar(2002) 1980-2001 S&P 500

200320022001200019991998 452.9 14.8 29.5 36.985.894.4 50.4 676.9 135.2 -8.3 75.1113.155.047.8 150.0 21.2 112.0198.9149.498.2 : 1962 , 1992 ,

(A) : (B)(A-B)(B/A) 5,863.3 677.8 5,185.512%1962-1990 10,481.3 1,558.4 8.922.915%1991-1997 5,290.2 250.3 5,039.95%1998 10,814.4 1,370.6 9,443.813%1999 10,192.4 1,615.9 8,576.516%2000 4,893.7 1,203.5 3,690.225%2001 3,709.3 761.6 2,947.721%2002 2,445.5 965.3 1,480.239%2003

FDI M&A % : UNCTAD, 199876.993.842.615.7 8.5 1.842.819.0199970.582.031.925.626.0 5.933.016.3200082.495.328.015.220.3 5.576.714.4200172.686.839.130.863.7 5.025.117.8200254.562.828.318.421.4 3.923.123.7200353.165.624.522.0 0.7 7.1 3.146.5

45 10 , , KGI, , 5 20 8 32 9 14 , ,

% : , , , 2003 2004 2 : 1998 1.1 7.5 1.9 0.31999 7.5 8.8 7.9 2.4200017.915.2 9.6 2.4200120.115.711.3 3.3200218.815.813.310.8200318.719.615.630.7

83 59 47 43 43 42 36 32 30 22

90 89 69 47 9 99 46 19 19 11 6 7 6 5 4

30(56) 19 15 7 2 : 50% 2002 , ( ) 2004 9 : World Bank Regulation and Supervision Survey(2003), %

: 20022001200019991998 -8.3 75.1 113.1 55.047.8 20042003 94.2 135.2

: .. 3,8392001 703 1,691 452 660 163 1,4022002-1,783 366 -356 -262 -195 9,8932003 -630 110 416 3,798 -72

(2003) ( 50% ) ( 2004)

, M&A

, , , , ,

M&A (2004), (2006) (2004)

I2000(A)2001200220032004(B)B-A 10.01 9.47 10.89 20.57 22.36 12.35 12.59 10.68 8.67 10.40 7.84 8.29 7.72 7.98 8.33 9.84 -4.26 -0.84ROA -0.95 -0.37 0.44 0.66 0.60 0.41 0.42 -0.09 0.88 0.54 1.83 0.91BIS 10.61 10.42 10.67 11.80 10.91 11.07 10.75 10.88 11.21 11.54 0.60 1.12 8.94 8.96 6.49 7.56 3.08 5.36 2.44 4.68 2.27 2.10 1.81 1.93 2.40 1.93 1.94 1.49 1.93 1.57 1.73 1.23 -7.01 -7.39 -4.76 -6.33:

II2000(A)2001200220032004(B)B-A 67.92 59.67 55.05 40.18 27.21 32.81 59.90 52.63 52.41 32.19 36.71 44.26 56.05 47.05 50.54 36.90 41.43 50.73 56.55 45.96 52.92 37.42 40.86 52.22 55.94 41.62 51.15 34.55 39.38 56.57-11.98-18.05 -3.90 -5.63 12.17 23.76

M&A

,

1988 Exon-Florio

OECD , ,

, OECD , , , ,

, , 20% EU OECD , , , ,

, 65% 20% OECD , ,

, .. , OECD , , ,

M&A M&A M&A

. SSSSSw WW WSWwwSSSSSSwWSWWSSSSWWWWWW, , , SS, M&A M&A

10 41.45LG42.7134.5852.5048.95SK52.0250.00 43.8923.7451.5148.4341.0537.7454.6841.1454.0947.630.440.900.833.902.850.270.730.322.927.050.392.581.830.345.000.580.502.7437.8066.7152.670.324.63

M&A M&A , EU

, , 33 28 27 , 2

M&A (, , , ), (, , , , ), (, , , , )EU ,

M&A M&A

20%, 22%, 10% , M&A , ,

15% , 60% , M&A

1997 M&A 10% (1997.4)1997.1 1998.2 (2005.3 ) 2

, , , , ,

IMF M&A OECD (1999.5) ( , , , )

OECD .

M&A 5% , , ,

.

M&A

Q & A